EUR/JPY Price Analysis: Weekly gains capped around 137.00

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  • EUR/JPY advances for the fourth session in a row on Friday.
  • Immediately to the upside emerges the monthly high near 137.00.

EUR/JPY extends the recovery for yet another session ahead of key US data releases.

Considering the ongoing price action, further upside in the cross appears likely for the time being. That said, the breakout of the monthly peak at 136.92 (August 4) should open the door to a potential visit to the 100- and 55-day SMAs at 137.88 and 139.50, respectively.

While above the 200-day SMA at 133.75, the outlook for the cross is expected to remain constructive.